Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA and SSFA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the SEFA and SSFA represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Hollow Rock - Bruceton Special School District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards (the SEFA) and schedule of state financial assistance (the SSFA) include the federal amd state award activity of Hollow Rock - Bruceton Special School District (the District) under programs of the federal and state governments for the year ended June 30, 2024. The information in the SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Costs Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because these schedules present only a selected portion of the operations of the District, they are not intended to, and do not, present the statement of net position, statement of activities or cash flows of the District.